Tuesday, 5 July 2011

Dubai’s Majid Al Futtaim Delays Plan to Sell Bonds, Seeks Better Pricing - Bloomberg

Majid Al Futtaim Holding LLC, the Dubai-based owner of the City Center shopping malls, delayed plans to sell bonds until it can secure a better price.

“The interest in the company is great, but at the moment the price isn’t matching what we had in mind,” Daniele Vecchi, group treasurer for the company, said in a phone interview today. “We will always be open to a transaction at the right price.” The company planned to sell five-year bonds to help refinance borrowings and fund expansion, Vecchi said last month.

Majid Al Futtaim announced a $2 billion medium-term note program on June 14, filing a prospectus with the London Stock Exchange. Standard & Poor’s assigned the company a rating of BBB, the second-lowest investment grade ranking. Five-year U.S. interest rate swaps rose 29 basis points to 2.038 percent on July 4 from the year’s low on June 24 on concern about a Greek debt default. The rate eased to 2.02 percent today.


No comments:

Post a Comment